Stocks Making the Greatest Movements Premarket 05/02

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Last Updated on May 2, 2023 by Bitfinsider

Pfizer — The drugmaker’s stock increased more than 1% in premarket trade after exceeding earnings and revenue projections for the first quarter, according to Refinitiv, despite a 75% drop in Covid vaccine sales from the same quarter last year.

Chegg — Chegg shares fell 42% in premarket trading after CEO Dan Rosensweig stated that artificial intelligence is “having an impact on our new customer growth rate.” Chegg published a disappointing revenue forecast for the second quarter. Otherwise, the online education company exceeded top and bottom-line expectations in the first quarter. Following the results, Jefferies reduced the stock’s rating to hold from buy.

Arista Networks — Despite exceeding Wall Street’s expectations on the top and bottom lines in the most recent quarter and providing upbeat guidance, shares fell 8.5%. The drop came as Arista Networks predicted that its “cloud titans” would reduce expenditure and restrict expansion.

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